MOVVO SECURES €1,6M IN FUNDING

FROM CAIXA CAPITAL AND SONAE E. VENTURES

October, 10th 2014, Lisbon: Building Global Innovators Accelerator (BGI) is proud to announce that Movvo, the 1st Ed. Grand Finalist, has successfully secured € 1.6M funding from Caixa Capital and Sonae E. Ventures.

Financing worth €1.6M led by Caixa Capital and Sonae E. Ventures takes Movvo to a series A of investment, allowing the company to reach new clients and pilots, namely in Europe and in the USA.

Movvo (ex-Around Knowledge) is a Portuguese company created in 2009 by 3 researchers from the University of Oporto, Portugal - Roberto Ugo, Suzy Vasconcelos and Diana Almeida, currently led by João Ranito from Dueto, a Portuguese investment vehicle. In 2010 the 3 founders joined the Building Global Innovators accelerator having won the Grand Finalist award worth €200k in investment.

The company developed a technology that works by identifying the signals from cell phones which are used to measure the position of many thousands of mobile phones in real time and visualize their paths with a high degree (up to 98%) of accuracy. Movvo’s solution passively collects all data through antennas that are installed throughout the customer’s premises and by using proprietary algorithms to analyze it in real-time.

Sonae Sierra, an international expert in shopping centers, reached an agreement with Movvo early this year to implement their solution in the group’s shopping centers, starting by the main centers in Portugal. The group is the main operator in the country owing 46 shopping centers and has a strong international position operating in 13 other geographies.

Both stakeholders and Movvo founders believe that now the company has the capital they need to take the business to the next level, after having successfully overcome the technological development phase of the solution and having accomplished the first implementations.

For further information please contact BGI via mitportugal-iei@iscte.pt

About Caixa Capital Caixa Capital is the Private Equity and Venture Capital fund management company of Portugal's largest banking group Caixa Geral de Depósitos, present in over 20 countries and with assets above €120 billion. It is a leading investor currently with more than €750 million under management and a portfolio of over 80 investments. About Sonae Ventures Sonae E.Ventures was launched in 2013, aiming to be the natural partner for entrepreneurs who want to develop their ecommerce business. Our investment focus is on early stage companies, where ambitious entrepreneurs with innovative business models want to be successful in the international arena and need help to achieve their goals. About BGI BGI is a global Tech Transfer Accelerator (TTA) directed at would-be tech entrepreneurs and Innovators focused on 4 verticals: Med Tech & Health IT, Smart cities & Industrial Tech, Enterprise IT & Smart Data and Ocean Economy. Launched in 2010 it has 50 alumni companies in its portfolio which have raised close to €27 million and created 200 jobs.